Ameris Bancorp (NASDAQ:ABCB) to Post FY2024 Earnings of $4.75 Per Share, DA Davidson Forecasts

Ameris Bancorp (NASDAQ:ABCB) – Stock analysts at DA Davidson raised their FY2024 EPS estimates for shares of Ameris Bancorp in a report issued on Tuesday, April 30th. DA Davidson analyst M. Navas now anticipates that the bank will post earnings per share of $4.75 for the year, up from their previous estimate of $4.65. DA Davidson has a “Buy” rating on the stock. The consensus estimate for Ameris Bancorp’s current full-year earnings is $4.56 per share.

Ameris Bancorp (NASDAQ:ABCB) last posted its earnings results on Friday, April 26th. The bank reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.06. Ameris Bancorp had a net margin of 18.06% and a return on equity of 8.62%. The firm had revenue of $267.27 million during the quarter, compared to the consensus estimate of $258.05 million. During the same period last year, the firm posted $0.86 EPS. The firm’s revenue for the quarter was down .2% on a year-over-year basis.

Other equities research analysts also recently issued reports about the stock. StockNews.com upgraded shares of Ameris Bancorp from a “sell” rating to a “hold” rating in a report on Monday, April 29th. Truist Financial lowered their price target on shares of Ameris Bancorp from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, April 1st. Stephens reiterated an “equal weight” rating and set a $53.00 price target on shares of Ameris Bancorp in a report on Friday, April 26th. Finally, Piper Sandler lifted their price target on shares of Ameris Bancorp from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Monday, April 29th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $52.00.

Ameris Bancorp Stock Performance

Shares of NASDAQ ABCB opened at $49.82 on Thursday. The company has a market cap of $3.44 billion, a PE ratio of 12.12 and a beta of 1.04. Ameris Bancorp has a 12 month low of $28.33 and a 12 month high of $53.99. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.04 and a quick ratio of 1.02. The company has a 50-day simple moving average of $46.71 and a 200-day simple moving average of $46.44.

Institutional Investors Weigh In On Ameris Bancorp

Several hedge funds have recently modified their holdings of the stock. Nordea Investment Management AB lifted its position in Ameris Bancorp by 4.2% during the first quarter. Nordea Investment Management AB now owns 87,499 shares of the bank’s stock valued at $4,258,000 after buying an additional 3,560 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Ameris Bancorp by 181.3% during the first quarter. BNP Paribas Financial Markets now owns 52,029 shares of the bank’s stock valued at $2,517,000 after buying an additional 33,531 shares in the last quarter. Norden Group LLC acquired a new position in Ameris Bancorp during the first quarter valued at approximately $278,000. Allspring Global Investments Holdings LLC lifted its position in Ameris Bancorp by 75.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 416,557 shares of the bank’s stock valued at $20,153,000 after buying an additional 178,500 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in Ameris Bancorp by 3.0% during the first quarter. Principal Financial Group Inc. now owns 1,254,903 shares of the bank’s stock valued at $60,712,000 after buying an additional 36,873 shares in the last quarter. 91.64% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Jon S. Edwards sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $47.35, for a total value of $355,125.00. Following the sale, the insider now directly owns 59,691 shares of the company’s stock, valued at $2,826,368.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.60% of the company’s stock.

Ameris Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 8th. Investors of record on Sunday, March 31st were given a $0.15 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.60 annualized dividend and a dividend yield of 1.20%. Ameris Bancorp’s dividend payout ratio is presently 14.60%.

Ameris Bancorp Company Profile

Ameris Bancorp operates as the bank holding company for Ameris Bank that provides range of banking services to retail and commercial customers. It operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division. The company offers commercial and retail checking, regular interest-bearing savings, money market, individual retirement, and certificates of deposit accounts.